KIOCL Declares its Financial Results for 1st Quarter of the FY 2019-20
Bengaluru: The Board of KIOCL Limited has approved the Financial Results for the first quarter ended on 30th June 2019 held on 6th August 2019 at New Delhi.
After the Board Meeting, the Company has reported Pellet Production of 6.1 lakh Tones against the target of 4.90 Lakh Tons. There is an increase in production by 38% as compared to same quarter of previous year.
On the dispatch of pellets, the Company has achieved 6.99 lakh tons surpassing the quarterly targets. During the quarter 5.39 lakh Tons were exported and 1.6 lakh tons were sold in the domestic market. There is an increase in sales volume by 31% as compared to 1st quarter of 2018-19, which includes 39% increase in export.
While the company reported revenue from operations of Rs 598.44 crores against Rs. 393.18 crores during corresponding period of last year, an increase of 52%, it reported profit before tax (PBT) of Rs. 23.09 crores for the 1st quarter of 2019-20 against loss of Rs. 3.47 crores during the corresponding period of previous financial year.
Shri MV Subba Rao, CMD, KIOCL stated that due to supportive pricing environment, efficiency in production, swift decision making in exploiting market opportunity and implementing the concept of 'Make in India', KIOCL has achieved a top line growth from operations as compared to the first quarter of 2018-19. He also informed that statutory clearances for obtaining captive mines as well as for diversified Projects are under advanced stage.
He further stated that, to tide over the raw materials constraints, the Company has initiated negotiation with international miners for importing raw material to take advantage of the prevailing market opportunities arising out of sharp increase in pellets demands worldwide.